Avid to buy Midiman for $80M in cash, 2M shares

NEW YORK (CBS.MW) -- Avid
AVID, -1.24%
said it would buy privately-held digital audio company Midiman in a cash and stock deal valued at about $164.5 million, based on Thursday's closing prices. Under terms of the deal, Avid will issue 2 million shares and pay $80 million in cash for Midiman. In addition, Avid will assume all outstanding stock options, which will cover about 325,000 additional Avid shares. The deal is expected to close by the end of August. Including Midiman results, Avid now expects 2004 earnings of $1.88 a share and revenue of $573 million. For 2005, Avid sees earnings of $2.32 a share. The stock closed Thursday down 69 cents at $42.25.

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